The new head of Twitter, Elon Musk, is introducing an edit button on the social network

Consumers hope the billionaire will lead a revolution against political censorship, want to return Trump’s account

“Since Elon Musk is already the largest shareholder on Twitter, he must demand an end to political censorship, a comprehensive reform of the platform, and the restoration of the account of former President Donald Trump,” were some of the first comments on social media. network after the announcement of the deal for almost $ 3 billion, with which the head of “Tesla” acquired 9.2% of the company and secured a majority stake in the company. Just a day later, Twitter announced that Musk would take a position on the board of directors with a mandate until 2024, Reuters reported.

In recent months, the world’s richest man has said he is a big advocate for free speech, while opposing Web 3, a new type of utopian Internet service built using the blockchain method of extracting cryptocurrencies and buying and selling NFTs (virtual holdings).

Twitter co-founder Jack Dorsey and Musk seem to find common ground on technology. They are active supporters of cryptocurrencies. Together, they share skepticism about Mark Zuckerberg’s metaverse, NFT and Web 3, which some say is the evolution of the Internet.

The eccentric businessman is known around the world for his short posts on social media, through which he loudly expresses his public opinion and almost without exception announces his business intentions. That’s why the news from Monday is that he is

acquired

9.2% of the shares

on Twitter

without boasting about himself or expressing his vision for the future of the company, he surprised both the public and a number of experts who are trying to find his hidden idea.

The announcement of the acquisition of a majority stake led to a rise in shares of Twitter by more than 27% on the New York Stock Exchange the same day. The head of Tesla owns almost 73 million and a half shares in the social networking platform. The stake is worth $ 2.89 billion, based on the closing price of the stock exchange on Friday.

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The delay in announcing the purchase gives another reason to the Securities and Exchange Commission to

investigates

billionaire,

with whom they have had disputes over the years over his other investments. A statement announced the accumulation of ordinary shares from Musk until March 14. However, under US law, anyone who acquires more than 5% of this type of company’s securities is required to disclose their holdings within 10 calendar days. However, Musk was late, announcing the deal 21 days later.

On March 25, the day after the 10-day period ended, Musk tweeted a poll with the following question: “Freedom of speech is essential for a functioning democracy. Do you believe that Twitter strictly adheres to this principle? ” (The results are 30% yes and 70% out of over 2 million voters). Even then, Musk already had a majority stake in the company and was legally required to disclose it.

The penalties for such abuse are historically modest – about $ 100,000. The net value of Musk’s business, according to Forbes, is about $ 300 billion. Imposing such a fine on him would amount to 0.00003% of his wealth. The average net worth of an American household is about $ 122,000, which means that the same fine would be equivalent to a normal American if it were worth 3 cents.

On Tuesday, the billionaire published another poll, which is key to Twitter’s future policy and relates to the function of editing already published content. “Do you want an edit button?” Elon Musk asked his followers. Only

for 10 hours over

There are 3 million people

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expressed an opinion

about this issue

“The consequences of this survey will be important. “Please vote carefully.”

The so-called

“Button for

editing”

is one of

most wanted

functions

in social networks. Ideally, this would simply allow users to clear up typos once they post on their walls, but critics say the feature could be abused by allowing people to completely change the meaning of their tweets once they’ve been shared. .

Former Twitter boss Jack Dorsey said in early 2020 that the company “will probably never add an edit button.” After the change of leadership and the interest that Elon Musk has shown in the platform, it seems that the feature may be added after the options for possible abuse are explored.

In response to a survey, a user named Everyday Astronaut suggested that the edit button be available only shortly after posting, and that edited tweets contain a link showing the edit. Musk replied that “this sounds reasonable.”

Many other social networking platforms already allow users to edit their posts, but at least for now, experts have not noticed a trend of widespread abuse through it. Meta CTO Andrew Bosworth said in response to a Musk poll that Facebook had already “solved” the problem with the edit button.

There is no official position on Musk’s intentions regarding his large share yet. In late January, conservative expert Dinesh D’Souza, who was convicted of fraud for funding a campaign in 2014, mentioned Musk in a tweet, telling him that “maybe

drastically

to change

the political

and cultural

landscape”,

by buying and taking over the “main social media platform”.

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